(1) Where any land vests in the Authority under section 57 and the Authority makes a declaration that such land shall be retained by the Authority only until it revests in the Municipal Corporation, the Municipal Council or the Zilla Parishad as part of a street or an open space under section 61, no amount shall be payable by the Authority to the Municipal Corporation, the Municipal Council or the Zilla Parishad, as the case may be, in respect of that land.
(2) Where any land vests in the Authority under section 57 and no declaration is made under sub-section (1) in respect of the land, the Authority shall pay to the Municipal Corporation, the Municipal Council or the Zilla Parishad, as the case may be, an amount equal to the value of such land.
(3) If, in any case where the Authority has made a declaration in respect of any land under sub-section (1), the Authority retains or dispose of the land contrary to the terms of the declaration so that the land does not revest in the Municipal Corporation, the Municipal Council or Zilla Parishad, as the case may be, the Authority shall pay to the Municipal Corporation, the Municipal Council or the Zilla Parishad an amount in respect of such land in accordance with the provisions of sub-section (2).